Commodity Rally Has Legs

Gold and oil are still on hold, but the bull is already running with agricultural and industrial commodities, including corn and palladium.

Two months ago, I wrote that investors were trading paper assets for real assets, and the charts suggested the move was just getting started (see Getting Technical, "Gold, Corn, Livestock: Commodity Prices Zoom," March 3). While gold ran into a roadblock, many others, from coffee to wheat, quietly continued in their rising trends.

With the end of futures trading for the benchmark Commodities Research Bureau Index, investors have had to change their charts to follow such derivatives as the thinly traded...